Today analysis for Nasdaq, Oil, and GoldNasdaq
The Nasdaq closed lower. On the daily chart, the MACD has fallen below the zero line, signaling continued selling pressure. If the 60-day moving average support level is broken, it would be prudent to prepare for a drop toward the monthly 5-day moving average and potentially the 120-day moving average, depending on market conditions.
However, with the U.S. stock market closed today and the futures market closing early, trading is expected to be light, and the trend direction will likely become clearer after Friday’s non-farm payroll data release. On the 240-minute chart, both the MACD and Signal lines have moved below the zero line, indicating stronger selling pressure. Sell-side strategies are recommended, and given the early market closure, taking quick profits would be advisable.
Oil
Oil faced resistance near its previous high and closed with a bearish candle. Due to the rapid surge toward its previous high, a short-term correction appears inevitable. Maintaining support at the 240-day moving average will be crucial. The need to align short-term moving averages such as the 20-day and 60-day with current price levels suggests a period of price and time correction is likely.
On the 240-minute chart, a long upper wick has formed, resembling the head of a head-and-shoulders pattern. A neckline could form near the 240-day moving average, potentially leading to a rebound that forms the right shoulder. Given the wide divergence between the MACD and Signal lines from the zero line, another attempt at an upward move seems plausible. Buying on dips near key support levels is the preferred strategy.
Gold
Gold closed higher. The daily chart indicates a consolidation phase within a range, and market conditions suggest that trends will become clearer after Friday’s non-farm payroll data. Currently, a buy signal is visible on the daily chart, meaning any downward move may require a sharp decline, potentially driven by Friday’s data or next week’s CPI report.
On the 240-minute chart, the buy signal remains intact. Buying on dips is advisable, although the divergence between the MACD and Signal lines is relatively small. For gold to gain momentum, a significant breakout with a strong bullish candle would be essential. For now, range-bound strategies are recommended, favoring selling at highs rather than chasing prices upward.
Today's Market Notes
The U.S. stock market is closed today, and the futures market has an early close. With reduced volatility, a mixed and range-bound market is expected. Please trade with caution and aim for success!
■ Trading Strategies for Today
Nasdaq - Range-bound Market
-Buy Levels: 21,270 / 21,190 / 21,155 / 21,065 / 20,990
-Sell Levels: 21,410 / 21,500 / 21,550
Oil - Bullish Market
-Buy Levels: 72.80 / 71.90 / 71.00
-Sell Levels: 73.60 / 74.40 / 74.80 / 75.20
Gold - Range-bound Market
-Buy Levels: 2,670 / 2,665 / 2,661 / 2,654 / 2,649
-Sell Levels: 2,686 / 2,693 / 2,704 / 2,710
These strategies apply only during pre-market hours. Profit-taking and stop-loss levels are as follows: Nasdaq: 15 points, Oil and Gold: 20 ticks.
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